Man using phone to read about over 50s life cover

10 useful facts about life insurance for over 50s

If you’re over 50 and you want a simple and quick way to ensure your loved ones are financially taken care of when you’re no longer here, over 50s life insurance could be the answer.

It’s simple, no health questionnaires to complete or referrals to underwriters to contend with.  You can often open a plan in 3 quick steps:

1) Use the quick quote calculator to select  your age and the monthly premium you can afford and this will show you the minimum lump sum your family could receive when the time comes.

2) Fill in an application form online or by post.  This is a simple process with no need to declare existing or past health conditions.

3) Once processed, your life cover will start immediately and even before your first premium is collected.

When you take out cover, you will pay a monthly premium, and then the policy will pay out a lump sum in the event of your death, usually after a pre-determined amount of time which is often 2 years. There are smaller payouts if you die in the first one or two years but this is usually a return of premiums and will differ per insurance company so it’s worth checking the terms and conditions. 

These types of plans are often used to assist with funeral costs, but your loved ones can spend the money however they wish which can help ease any financial pressure.

Not sure whether over 50s life cover is right for you? Here are 10 useful facts about life insurance for over 50s.

1. You don’t need a medical

As this is a type of life insurance plan, many people automatically assume that they will need a medical before they can take out an over 50s policy. However, this isn’t the case.

With POIS Over 50s Life Cover, you won’t need a medical and there are no health-related questions to be answered including whether or not you smoke. You’re guaranteed to be accepted, even if you’ve had health problems in the past or you have them currently.

2. You can still be accepted if you have had previous health issues

Another misconception about over 50s life cover is that you can’t get it if you have had previous health issues, or if you have them currently. Again, this isn’t the case.

Our over 50s cover is available to UK residents between 50 and 80 years old, even if you’ve had previous health problems. We won’t ask you any questions about your medical history, so you can rest assured that you won’t be turned away based on your past, or current, conditions.

3. It can be affordable (with the right provider)

Your cover doesn’t have to cost the world. In fact, with most providers, you can choose how much you pay each month based on the level of cover you would like to have and, with the right provider, you could get suitable cover for a low monthly premium.  Some providers may increase your premiums each year, so be mindful to read the terms and conditions before applying (and read section 8 below!).

With POIS, cover starts at just £10 a month – that’s 33p a day! It’s an easy and affordable way to leave a cash sum for your loved ones.

4. You can still get it beyond your 50s

Many people worry that they can’t get cover if they are in their 60s, 70s, or 80s. But, again, this varies from provider to provider. POIS Over 50s Life Cover is available for 50 – 80 year olds.

5. With POIS, your lump sum can grow

This is where the POIS plan differs to most other providers.  Unlike many similar policies, POIS Over 50s Life Cover provides your cover with the potential to increase in value.

We do this by investing your monthly premiums into our Foresters Friendly Society With Profits fund which means they may benefit from investment returns which are then added to increase your life cover’s value.  The fund has performed consistently well against other comparable funds (Source: Barnett Waddingham Survey Dec 2020).

6. It’s independently rated

Many life cover policies are rated by independent bodies to give you a clearer idea of the quality of cover and service you’ll receive. It’s always worth checking these ratings before taking out a policy.

Our Over 50s Life Cover policy is provided by Foresters Friendly Society, which owns POIS, and has been rated 5 stars by the independent Fairer Finance company, who are committed to helping customers make more informed decisions. Fairer Finance award 5-star ratings to the products which have a set of features which most customers will need and expect.

7. With POIS, you can get friendly society member benefits

We’re part of Foresters Friendly Society, the 7th largest UK mutual. So, when you take out Over 50s Life Cover with POIS, you’ll get free access to membership benefits that help to make every day better.  These, include discretionary financial support to cover things like higher educational costs, to every day dental and optical bills., as well as emotional support when you need it most.  In 2021 we paid out over £1.7million to our members in discretionary grants. 

8. Your premiums won’t increase

The majority of over 50s plans offer fixed premiums, meaning the monthly cost will never increase.

When you take out an Over 50s Life Cover policy with POIS, the monthly premium you choose is fixed and will never increase so you can have peace of mind that it is affordable throughout the plan’s whole duration. You will continue to pay the agreed monthly amount until you turn 85. At this point, your premiums will automatically stop meaning you won’t pay for your life cover anymore, but your cover will continue.

Some providers do offer increasing premiums, known as indexation, where the monthly premium and the payout increase each year. So it’s important to check before taking out your cover.

With POIS, if you’d like to increase your cover in the future, you simply open another plan. 

9. A cash lump sum for your loved ones is guaranteed

Over 50s life cover plans guarantee to pay out a cash lump sum to your loved ones when you die.

When you take out POIS Over 50s Life Cover, you will be given the option to name a beneficiary. The person, or people, you nominate will receive up to £5,000 immediately following your death, without having to wait for your estate to be sorted out. This can help to ease any immediate financial concerns over credit card or household bills in your name which may need to be paid.

10. You can apply today and get a free gift!

Apply for your Over 50’s Life Cover today and you’ll receive a £35 M&S gift card once you’ve made three monthly premium payments, as a little thank you, just for you!

If you have any questions about our over 50s cover, please don’t hesitate to contact us. Our UK based team will help make the whole process as easy as possible. Call us free on 0800 622 417.

Request an information pack today ->

The POIS 50+ Life Cover policy is not a savings or funeral plan – there is no guarantee that the amount received would cover the costs of a funeral. Depending on how long you live, the total amount you pay in may be more than the amount payable on your death. Please also bear in mind that if you should die during the first two years of the policy, payouts are limited to the return of premiums – other than in the case of accidental death when your dependants will receive your full lump sum.

Bonuses are not guaranteed and depend on the performance of our Order Insurance Fund and how we decide to distribute any profits. The lump sum your loved ones eventually receive may be subject to inheritance tax.

The content of this article is for information purposes only and does not constitute financial advice. We do not offer financial advice. If you’re unsure as to the suitability of a product you should seek advice from a Financial Adviser. You may have to pay for this advice.